During the 1934 quake, the original Phasi dega (dega means temple in Nepali Bhasa) was destroyed, and its replacement was notable more as a landmark than for any significant architectural merit. In the 2015 earthquake, the temple was destroyed. Currently, there are two pairs of guardian statues of elephants, lions, and cattle on the six-level plinth.

Rasuwa district is known for its holy shrine, Gosainkunda. Both Hindus and Buddhists hold Gosainkunda in high esteem. Lord Shankar, who later became known as Nilkantha, drank the poison of Calcutta that came out while churning the sea as the world was about to burn. Lord Shankara was unable to bear the poison, so he drank water from the Gosainkunda to calm his mind and established himself here as Silu Mahadev. On Janai Purnima’s first ekadasi, thousands of people visit Silu Mahadev to pay homage to him. 

Around the ninth century, according to UNESCO records, the same Silu Mahadev had also been established in Bhaktapur. King Jitamitra Malla created this Silu Mahadev temple on Bhaktapur Durbar Square, known as the high temple of the square. In 1990 BS, an earthquake destroyed Silu Mahadev Temple, which reached its peak during the Mallaka period. 

There was a dome-shaped temple when this temple was built during the Rana period. There was no public worship at this temple, which prevented its name from spreading and led to low housing for people in that period. A dome-shaped temple that had a Persian shape was named Phasi dega owing to its appearance from a distance. It sits on five floors and has a dome-shaped shape. “The Five Great Phantoms” are the five stories of the building. They include “Rudra”, “Ishwar”, “Bishnu”, “Brahma” and “Shiva.”